We’ve seen the rise of new kinds of VC funds in Europe recently, mostly notably Passion Capital’s $60M last year and the new fund just raised by Earlybird in Berlin, among others. These new kinds of funds are more fleet of foot, reaching into the hot early stage sector right now, largely in the consumer space.

http://techcrunch.com/2012/04/16/euro-saas-startups-rejoice-notion-capital-closes-100m-for-its-2nd-fund/